Income Tax Rates For Assessment Year 2015-16

The rates of income-tax as applicable for Assessment Year 2015-16 for the following category is given below:-

1) in the case of every individual below the Age of Sixty Years

2) For a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year, i.e., born during April 1, 1935 and March 31, 1955)

3) For a resident super senior citizen (who is 80 years or more at any time during the previous year, i.e., born before April 1, 1935)—

Income Tax Rates For Assessment Year 2015-16

This part is applicable to a Resident Individuals below the age of 60 Years

Net income range

Income-tax rates

Surcharge

Education cess

Secondary and higher education cess

Up to Rs. 2,50,000

Nil

Nil

Nil

Nil

Rs. 2,50,000 – Rs. 5,00,000

10% of (total income minus Rs. 2,50,000) [see Note 1]

Nil

2% of income-tax

1% of income-tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 25,000 + 20% of (total income minus Rs. 5,00,000)

Nil

2% of income-tax

1% of income-tax

Rs. 10,00,000 – Rs. 1,00,00,000

Rs. 1,25,000 + 30% of (total income minus Rs. 10,00,000)

Nil

2% of income-tax

1% of income-tax

AboveRs. 1,00,00,000

Rs. 28,25,000 + 30% of (total income minus Rs. 1,00,00,000)

10% of income-tax [see Note 2]

2% of income-tax and surcharge

1% of income-tax and surcharge

ASSESSMENT YEAR 2015-16 • For a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year, i.e., born during April 1, 1935 and March 31, 1955)

Net income range

Income-tax rates

Surcharge

Education cess

Secondary and higher education cess

Up to Rs. 3,00,000

Nil

Nil

Nil

Nil

Rs. 3,00,000 – Rs. 5,00,000

10% of (total income minus Rs. 3,00,000) [see Note 1]

Nil

2% of income-tax

1% of income-tax

Rs. 5,00,000 – Rs. 10,00,000

Rs. 20,000 + 20% of (total income minus Rs. 5,00,000)

Nil

2% of income-tax

1% of income-tax

Rs. 10,00,000 – Rs. 1,00,00,000

Rs. 1,20,000 + 30% of (total income minus Rs. 10,00,000)

Nil

2% of income-tax

1% of income-tax

Above Rs.1,00,00,000

Rs. 28,20,000 + 30% of (total income minus Rs.1,00,00,000)

10% of income-tax [see Note 2]

2% of income-tax and surcharge

1% of income-tax and surcharge

ASSESSMENT YEAR 2015-16 • For a resident super senior citizen (who is 80 years or more at any time during the previous year, i.e., born before April 1, 1935)—

Net income range

Income-tax rates

Surcharge

Education cess

Secondary and higher education cess

Up to Rs. 5,00,000

Nil

Nil

Nil

Nil

Rs. 5,00,000 – Rs. 10,00,000

20% of (total income minus Rs. 5,00,000)

Nil

2% of income-tax

1% of income-tax

Rs. 10,00,000 – Rs. 1,00,00,000

Rs. 1,00,000 + 30% of (total income minus Rs. 10,00,000)

Nil

2% of income-tax

1% of income-tax

Above Rs. 1,00,00,000

Rs. 28,00,000 + 30% of (total income minus Rs. 1,00,00,000)

10% of income-tax [see Note 2]

2% of income-tax and surcharge

1% of income-tax and surcharge

Notes :
1. Rebate under section 87A – A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 2,000, whichever is less.

2. Surcharge – Surcharge is 10 per cent of income-tax if net income exceeds Rs. 1 crore. It is subject to marginal relief (in the case of a person having a net income of exceeding Rs. 1 crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore).

3. Education cess – It is 2 per cent of income-tax and surcharge.

4. Secondary and higher education cess – It is 1 per cent of income-tax and surcharge.

• Alternate minimum tax – Tax payable by a non-corporate assessee cannot be less than 18.5 per cent (+SC+EC+SHEC) of “adjusted total income” as per section 115JC